Key Takeaways:
- Introduced in 2023 as a Leveraged Liquidity Provision (LLP) platform designed for Uniswap V3, Unibot is a Telegram trading bot that enables users to trade cryptocurrencies directly within the Telegram mobile app.
- Unibot innovatively addresses liquidity challenges, making it attractive for traders to leverage this model in comparison to providing liquidity into pools.
- Unibot’s native token, UNIBOT, has a total supply of 1 million and a daily burn rate of 0.1%.
- Token holders with 10 or more UNIBOT tokens can participate in a revenue-sharing programme, incentivising them with loyalty rewards and benefits, as well as reducing trading fees.
What Is Unibot?
Launched in 2023 by Diamond Protocol, Unibot (UNIBOT) is an innovative cryptocurrency trading bot that allows users to trade cryptocurrencies on the Telegram app. Unibot is a Leveraged Liquidity Provision (LLP) platform designed to solve the issues that liquidity providers (LPs) face while using Uniswap V3. It also supports Uniswap V2.
What Is Telegram?
Telegram Messenger, often referred to simply as Telegram, is a cloud-based, cross-platform instant messaging service that allows users to exchange messages, share media and files, and hold private and group voice or video calls.
Telegram supports the creation of bots that can perform various tasks within the app. Unibot is a popular Telegram bot built on top of the Telegram app, meaning that users can trade cryptocurrencies without having to leave the Telegram app.
How Does Unibot Work?
Unibot’s LLP model adopts a different mechanism compared to the more conventional method of providing two cryptocurrencies as liquidity through liquidity pools. LPs can provide one token and borrow the other from the pool. This method creates a hedging effect for the LPs since they can short the borrowed token; that is how an LLP position is created.
Users can buy, sell, and swap Ethereum-based tokens by inputting the contract pairs they wish to trade on the Telegram bot channel and specifying the amount of ETH they intend to spend on the swap. Unibot then executes the trade on their behalf in seconds by using token pool contracts.
Snippet of what the user interface looks like when Unibot is running on Telegram when attempting to buy cryptocurrencies.
What Is the UNIBOT Token?
- Unibot was launched on the Ethereum mainnet on May 17, 2023.
- The native token of Unibot is UNIBOT.
- The maximum supply of UNIBOT is 1 million tokens, all of which have been in circulation since launch.
- UNIBOT’s daily burn rate is set at 0.1%
What Are the Features of the UNIBOT Token?
- Revenue Sharing: Holders of 10 or more UNIBOT tokens are entitled to receive revenue that is paid in ETH, with no staking or lockup required; this includes 40% of all bot transactions incurred and 2% of UNIBOT volume traded. Users can only claim rewards when they have accumulated a minimum of 0.1 ETH, and by default, auto-compounding is enabled, which means that users’ ETH rewards are automatically swapped for UNIBOT, entitling them to a bigger share of the revenue.
- Loyalty Programme: Holders are subject to reduced fees based on their UNIBOT holdings and UNIBOT trading volumes, demonstrated through a tiered structure. According to Unibot’s FAQs, users can have their fees reduced anywhere between 10% and 50%, depending on which tier they qualify for.
Unibot vs Uniswap
Uniswap is a decentralised exchange built on Ethereum that leverages the Automated Market Maker (AMM) model where users trade against a liquidity pool.
Unibot is a trading bot designed for trading on Uniswap. It improves the trading process by providing users with access to trading tools intended to allow them to maximise efficiency when interacting with Uniswap’s liquidity pools.
How to Trade the UNIBOT Token
Unibot (UNIBOT) is listed in the Crypto.com App, joining the growing list of 250-plus supported cryptocurrencies and stablecoins, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), USD Coin (USDC), and Cronos (CRO).
Crypto.com App users can now purchase UNIBOT at true cost with USD, EUR, GBP, and 20-plus other fiat currencies and spend it at over 80 million merchants globally using the Crypto.com Visa Card. Alternatively, users can also trade Unibot on the Crypto.com Exchange.
Download the Crypto.com App to start trading UNIBOT today.
Conclusion
Unibot is an innovative trading bot that has introduced the concept of Leveraged Liquidity Provision (LLP) to the cryptocurrency trading world. Operating seamlessly within the Telegram app, it offers a convenient yet unconventional way for users to execute trades without leaving the app.
Unibot’s native token, UNIBOT, not only powers the ecosystem, it also offers benefits to its holders, including revenue sharing and a loyalty programme. With its unique selling point, Unibot represents itself as a convenient tool for traders who are familiar with Telegram.
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